Tom Higgins - Chief economist, Payden & Rygel, LA
The world economy has lost considerable momentum in the aftermath of the global credit crisis that struck last summer. We expect world GDP growth to slow to an annual rate of 3.5% this year, down from nearly 5% in 2007. Emerging markets, though not immune to the slowdown in global economic growth, have weathered the storm better than expected.
Many developing countries are bearing the fruits of earlier policy measures designed to reduce inflation a